US ISM Manufacturing PMI rose from 47.8 to 50.3 in March, above expectation of 48.5. The sector is now back in expectation for the first time since September 2022.
Looking at some details, new orders rose from 49.2 to 51.4. Production jumped from 48.4 to 54.6. Employment rose from 45.9 to 47.4. Prices rose from 52.5 to 55.8, highest since July 2022.
ISM said: “The past relationship between the Manufacturing PMI and the overall economy indicates that the March reading (50.3 percent) corresponds to a change of plus-2.2 percent in real gross domestic product (GDP) on an annualized basis,” says Fiore.
Full ISM manufacturing release here.
